Sorouh raises $640m fund for loans and projects
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Sorouh raises $640m fund for loans and projects

Sorouh raises $640m fund for loans and projects

Abu Dhabi's second-biggest property developer, Sorouh Real Estate has raised $640m in loans to repay Islamic bonds and finance projects in the emirate, Bloomberg has reported. Sorouh will use Dhs400m of the facility to redeem the balance of an asset-backed Islamic bond issued in 2008. The company will use the reminder of the loan to finance the construction of Shams Gate and other developments in Abu Dhabi, the developer said in a statement.

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